1% tax on all Social Security transactions? BEWARE of an internet rumor circulating...

You may have bee a victim of an email from a friend or happen to be in an email chain if you've seen ON JANUARY 1, 2014, THE US GOVERNMENT WILL BE REQUIRING EVERYONE TO HAVE DIRECT DEPOSIT FOR SS CHECKS below and got over heated. 
It is false!  Keep reading for the facts.
Nowadays you've got to be careful and not take for granted everything you read.
Especially when it comes to clicking the FORWARD button a little to quickly.
This rumor claims to have been cleared by the web sire Snopes.  Little more digging reveals the truth.

Here is what the rumor reads like:
ON JANUARY 1, 2014, THE US GOVERNMENT WILL BE REQUIRING EVERYONE TO HAVE DIRECT DEPOSIT FOR SS CHECKS.

WONDER WHY?

Subject: HR 4646

Be sure to read entire explanation

Watch for this AFTER November elections; remember this BEFORE you VOTE.

A 1% tax on all bank transactions is what HR 4646 calls for.

Do you receive a paycheck, or a retirement check from Social Security or a pension fund and have it direct deposit??

This bill was put forth by Rep. Chaka Fattah (D-PA).

YES, that is 1% tax on all bank transactions - HR 4646, every time it goes in and every time money goes out.

Ask your congressperson to vote NO.

FORWARD THIS TO EVERYONE YOU KNOW!

1% tax on all bank transactions ~ HR 4646 - ANOTHER NEW OBAMA TAX SLIPPED IN WHILE WE WERE ASLEEP. Checked this on snopes, it's true! Check it out yourself ~ HR 4646.

This is a 1% tax on all transactions at any financial institution - banks, credit unions, savings and loans, etc.. Any deposit you make, or even a transfer within your own bank from one account to another, will have a 1% tax charged. 
NOT TRUE!!!

Learn the truth about H.R. 4646

An internet rumor has been circulating that claims that I introduced a bill titled H.R. 4646 along with Senator Tom Harkin and that it would levy a one percent tax on every financial transaction including credit card transactions and even social security deposits. It also claims to be supported by the non-partisan factchecking website Snopes.com
This is email is false. I do not support and have never supported this legislation. H.R. 4646 was introduced in 2010 by Rep. Chaka Fattah of Pennsylvania, and has no cosponsors.
I oppose this bill because it wrongly taxes all financial transactions, rather than just focusing on the Wall Street speculators who got us into this current economic mess. Americans making normal day-to-day transfers of money should not be subject to a tax on those transactions.
These days there are innumerable rumors circulating around the internet.  Factcheck.org, Snopes and Politifact Oregon have debunked this myth, with Politifact Oregon calling it a “pants on fire lie.”
Wall Street Trading and Speculators Tax
I did introduce a very different bill called the Wall Street Trading and Speculators Tax that places a small tax of three basis points (3 pennies on $100 in value) on most non-consumer financial trading including stocks, bonds and other debts, except for their initial issuance.  For example, if a company receives a loan from a financial company, that transaction would not be taxed.  But, if the financial institution traded the debt, the trade would be subject to the tax.  The tax would also cover all derivative contracts, options, forward contracts, swaps and other complex instruments at their actual cost.  The measure excludes debt that has an original term of less than 100 days. More info on the Wall Street Trading and Speculators Tax click here.

Not intended as a political statement nor meant to influence opinion. Always check everything with independent sources.